Mod­er­na skirts the reefs of dis­as­ter and sails in­to Wall Street with a $604M IPO boun­ty — but shares slide

Mod­er­na just pulled off the biggest biotech IPO in the in­dus­try’s his­to­ry, sell­ing an up­sized 26.2 mil­lion shares at $23 each — the mid-point on its range — and set­ting the bar for the next big thing at $604 mil­lion.

The of­fer­ing — a boost of 20% in the num­ber of shares sold — sets Mod­er­na’s mar­ket cap tonight at about $7.5 bil­lion. And with a long list of un­der­writ­ers, the green­shoe has yet to drop.

Now you can ex­pect all eyes to turn to the trad­ing to­mor­row, to see if the biotech uni­corn can sur­vive a tur­bu­lent mar­ket and watch its shares trade high­er. The bet­ting — both ways — will be huge.

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